Greenback slips decrease amid profit-taking

© Reuters.  Dollar loses ground against other majors but remains supported© Reuters. Dollar loses ground against other majors but remains supported

Investing.com – The dollar slipped lower against the other major currencies on Monday, as trader’s locked in profits from the greenback’s rally to seven-month high after the release of strong U.S. employment data on Friday.

The dollar was lower against the euro, with up 0.41% at 1.0874, off Friday’s seven-month trough of 1.0701.

The greenback strengthened broadly after the Labor Department reported that 271,000 jobs last month, well ahead of the 180,000 expected by economists and the largest increase since December.

The fell to a seven-and-a-half year low of 5.0%.

The robust data paved the way for the Federal Reserve to raise interest rates at its December meeting, a move that would make the dollar more attractive to yield-seeking investors.

The jobs data came after that the U.S. economy was performing well, and that December would represent a “live possibility” for raising interest rates if economic data supported it.

rose 0.21% to trade at 123.40, the highest level since August 21.

Elsewhere, the dollar was lower against the pound and the Swiss franc, with adding 0.25% to 1.5090 and with shedding 0.37% to 1.0027, pulling away from Friday’s eight month highs of 1.0075.

The Australian and New Zealand dollars were stronger, with up 0.26% at 0.7062 and with gaining 0.39% to 0.6544.

Meanwhile, edged down 0.26% to trade at 1.3270.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.31% at 98.98, off Friday’s highs of 99.29, the highest level since mid-April.

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